Bullish Global Outlook: Asia With Fastest Growth Rate

Fueled by strong growth in industrial economies, greater intraregional trade in Asia and Latin America, and continued trade liberalization, the global economy will grow by a robust rate of 3 percent in 1995 and 1996, according to the Asian Development Bank's annual ''Outlook'' report.

Industrial countries are projected to achieve their strongest growth rate (about 3 percent) in five years, the report notes; developing economies are expected to grow at about the same rate as last year (around 5 percent).

The developing countries of Asia will continue to grow faster than any other region in the world, registering a growth rate of 7.6 percent and 7.4 percent in 1995 and 1996.

The outlook in the central European countries and the Baltic states continues to improve, the report continues, while in Russia and most of the other countries in transition progress will remain slow.

In Latin America, the difficulties Mexico faced early in 1995 will raise the cost of capital for other Latin American countries in the short term, the report says, increasing the cost of external finance and selectivity lowering growth prospects.